Marley Spoon, a Germany-based on-demand food delivery service backed by e-commerce group Rocket Internet, is gearing up for an A$70m ($53m) initial public offering, TechCrunch reported yesterday.
The company has selected Australian Securities Exchange for its flotation partly due to Australian market being one of its strongest. Marley Spoon also operates in the Germany, Austria, Belgium, the Netherlands and the US.
Marley Spoon operates an on-demand service that delivers meal ingredients to users. It has partnered media personality and cookbook author Martha Stewart for its recipes and launched a mass-market offering called Dinnerly.
The company is hoping to complete the IPO in early July and is target a market cap of $152m. The majority of capital has already been placed with institutional investors in Australia and select jurisdictions, with the remainder to be made available to local investors this month.
The company will offer Chess Depositary Interest (CDIs), a securities instrument that allows international companies to trade in Australia, and has priced the CDIs at $1.42 each.
Marley Spoon previously raised $32m in equity funding, most recently closing a $17m series B round in 2016 that featured QD Ventures, Kreos Capital, Lakestar, Luxor Capital and unnamed existing shareholders.
The company had earlier closed an $8.5m series A round in 2015, which included a $5m first series A tranche in November 2014 led by Global Founders Capital, the VC firm formed by Rocket Internet’s founders.
The first close featured Point Nine Capital and assorted, undisclosed angel investors, while Lakestar added $3.5m six months later.
Global Founders Capital contributed to a $2m seed round in June 2014 alongside Point Nine.